♪ yousef: the u.s. government reopens as democrats except a short-term funding deal, but how does this kick the immigration issue three weeks down the line? president/duties on imported solar panels and washing machines in his first major protectionist move. china has slammed the decision. the bank of japan stays firm on rates. but one policymaker votes against keeping the yield curve target.

the imf has significantly upgraded its growth forecast for the region's biggest economy. thrilled. netflix is they smashed subscription estimates. it is a :00 a.m. across the emirates, this is "bloomberg markets: middle east," i am yousef gamal el-din. u.s. government shutdown did not last long, but it raises more fundamental issues. entingt is not doing is d sentiment in asian equities. assignment to the bloomberg. equity indices across the board for the most part are higher. and asx 200 of two quarters 1%, also big moves in the nikkei, up. too big stocks to watch out for, macau, and onwynn

the other side, lg electronics underperforming after donald trump's tariffs. we have a u.s. dollar that is relatively unchanged. this is still close to its lowest level since january 2015. dollar-yen is one to watch out for. it moved 3/10 of 1% lower after the boj statement. you look at one day volatility, its highest since september. a bit of a correction in the space, there are concerns there is a lot of iron ore supply and it is overdone. across the board, let's see what is happening with wti, and climbed to $64 per barrel since opec and russia said they will not be any changes anytime soon. gold higher, a fifth of 1%. u.s. 10 year relatively and the cable trade

as well, making sure it is able to defend the 9/10 of 1% it ain't the last session. that check in with the first word headlines. the bank of japan has left policy unchanged, as was expected from observers resurveyed. the board voted 8-1 to maintain strategy, saying expectations should be unchanged. policymakers are raising their outlook on price raises -- price rises. some investors are reading the a fine-tuning of monetary policy could be in the cards. the imf has raised its global growth forecast for this year and next, saying a sweeping u.s. tax cuts are likely to boost investment. of 3.9% in 2018

and 2019, they are warning policymakers to be prepared for a new recession. christine lagarde is saying many threats remain. >> the scars from the crisis, the low productivity, the aging population, and on and on, and future potential growth, all of that will continue to wait on medium-term prospects. debra: meanwhile, the imf has boosted expectations for saudi arabia. it is extending 1.6% this year up from a previous forecast of 0.5%. the fund reckons growth will then decelerate to 2.2% -- to 0.2% is the kingdom's helped by oil prices. process in the israeli parliament as the u.s. confirms it will move its embassy to jerusalem before the end of last year. several people were removed for heckling vice president pence.

or up with years to recognize a palestinian state and become a sponsor for middle east diplomacy. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am debra mao. this is bloomberg. ♪ yousef: thank you, let's go back to the story in the u.s. where president trump had find a bill to end the government shutdown. capping off and nearly three day deadlock and reinstating funds until february. it moves the -- the dreamer's deal is unresolved for at least three weeks. we have the latest on this from jodi schneider. essentially, it has been delayed until early another round of february. proverbial can has been kicked down the road again, this is the fourth short-term extension of government funding since the new u.s. fiscal year begin.

-- began. people think there will be a fifth because in three weeks it will be difficult for them to settle the longer term and bigger picture spending issues like how much to allocate for domestic programs versus military funding. they have not even gone to that yet. the other question is, how are they going to settle and are they going to settle the immigration question, which led to the shutdown in a just three weeks time? the democrats got a promise from senate majority leader that he would address the issue, a did not get a promise on a vote, and they got no such assurances from the house of representatives or the white house. yousef: there was a lot of speculation that as president donald trump begins to prepare his arrival to davos, how he would set the tone in his speech to the world. now with the budget situation out of the way, he has also made another move to really get more attention, hasn't he?

now on tariffs, very controversial. jodi: that is right. just before he goes to davos, he basically took advantage of a u.s. trade law called section 201 the basically gives the president why discretion to set tariffs when there is a belief that there is an unfair trade practice going on by a foreign country, and the trump administration, both as president and on the campaign trail, has campaigned on this issue. he has not really done much any meaningful sense in terms of instituting trade barriers or tariffs, but now he has. looks like were talking about tariffs up to 32% on solar equipment, including solar panels, and up to 50% on washing machines from foreign countries that the u.s. deems as engaging in unfair trade practices.

what is interesting, much of this is aimed at china, of course on the solar side, it also is affecting some u.s. allies like south korea, which makes washing machines. .t is really interesting it is going to affect largely china, but also others, and he is doing this just before he is going to be on the world stage with these leaders. it is a very interesting timing. he is also doing it in a u.s. election year, and this is a play to the base. yousef: seems to be keeping people on edge. thank you for stopping by, jodi schneider. guest, heg in our joins us out of singapore. as you see the breakthrough or temporary breakthrough in government conversations, how concerned are you about a longer-term damage from these gridlock in governing? >> the gridlock basically

reflects ongoing [indiscernible] andin the white house, obviously the senate and congress. that thisreally is time around is a question of spending, where you put your money come out what you spend your money on, but you eventually get to the point of what you are voting for, if the debt filling will lead to a shutdown. in 2013, there was a shutdown and the government knew how to get around the issue of the debt ceiling. congressption is that will eventually get together to come up with a solution. thatlatest event shows

there is a clear way to get , the fightissue within congressional members is so stuck they could not actually get to a consensus decision. it actually means the could still be issues going forward in terms of spending and the debt ceiling. yousef: i want to get your take is well on what is happening with the u.s. 10 year paper, but let's hear from larry summers about what he thinks about the current level of yields. larry: if markets become more alarmed, treasuries are where they go. as many as confident observers that yields are going to rise sharply from here. yousef: do you agree or disagree with larry summers that yields are pretty much going to state range bound for the foreseeable future?

yes, the risk of anti-trade policy from the trump administration is one, the risk of government shutdown is the other. those two factors basically mean that it is elevated and the demand for treasuries are high. that's exactly what he was alluding to. but that would suppress yield. for me, i think there is a bigger [indiscernible] 2.65%,ields have risen the highest since 2013, 2014. that flow is to move away from u.s. treasuries into other assets as global growth improves , as well as the tax reform, it clearly will boost the economy through the fact that it is not revenue neutral. mean you should expect higher growth and higher

inflation. for me, the big thing is out of treasuries and [indiscernible] there could be some inflows into treasuries. my view is high-yield from here. with a shutdown out of the way, and we heard from you on yields, what about the geopolitical risks or the possibility of trade tensions? you have the latest moves on tariffs from the donald trump administration, flexing muscles arbitrarily, as it were. i want to show you and our clients where some of the solar plans are in the world. bloomberg, into the 1628. we have laid out on a fabulous map for you. you can zoom in. the key standout, most of these plants are in asia, most of these plants are in china. what is the possibility that we might see a little bit more of a tit-for-tat than we have in the past? 2017, a lot of it was rhetoric. nizam: this has been a campaign

tariffs as well, import not just on solar panels, washing machines, but also steel and aluminum. i think that will be the next step. the question then is will there be any reaction from china? i'm of the impression there will be, and china could try a few things like imposing higher taxes on u.s. companies operating out of china, they could even call it labor manipulation. to --int is, a good lead it could lead to the start of some foreign trade war, and that is not good for emerging-market currencies. it will not be good for the u.s. dollar, either. u.s., andars from the you get tit-for-tat reaction from exporters like china and other parts of asia, will mean

the dollar will affect emerging-market currencies, the dollar will weaken against the yen. yousef: we will see how that plays out. we are still going to talk about other key themes, you are sticking around. it's get you up to speed with some of the middle east equity action, because as the u.s. stock market posted fresh records and we saw a lot of positive momentum, it hasn't really translated into what is happening in the region, by down 3/10 of 1%, a three-day losing streak. volumes are 80% of the three-month average. we saw property developers under pressure. saudi arabia down to fifth of 1%. we saw a bright patch coming .hrough from qatar of get you up to speed with a quick check of the latest business flash headlines. big news from netflix, that surge in extended trading after smashing expectations for new sign-ups in the fourth quarter. the streaming service attracted 8.3 extra million customers

about 2 million more than analysts were expecting. in now has 118 million viewers around the world. earnings almost tripled from the previous year. bacardi has confirmed it is buying petrone -- patron tequila. it combines two of the world's largest closely hold distillers bacardi rum under the same umbrella as tequila. group has agreed to put $333 million into a new sugar factory and farm. aficials were betting on revival in for investment when they slowed the pound in egypt. twitter shares have dipped on reports the chief operating

officer is in talks with social finance to become the online lenders new boss. anthony nota has played a large role in the leading twitter's product vision, especially in future ine platform's video streaming. that was your bloomberg business flash, let's get back to another big story for markets around the yen, that jumped as the bank of japan kept its policy unchanged, largely as expected by most people surveyed i bloomberg. or global -- our global economist kathleen hays is in tokyo with what the boj has not been saying quite yet. there has not been much of a shift in the language. immediatelyrtainly after the decision came out, the headlines crossing the bloomberg, we saw this spike up in the yen, they apparently are focusing on the fact that the slightest change in the wording on inflation expectations, but inflation expectations are very

strong, if they are weaker, there could be something helping them get a tailwind getting them closer to the two percent target. they said inflation expectations were unchanged. ok, at the previous meeting they said unchanged for weakening. traders took that as a positive, but the boj also said that the downside risk prices exceeds the upside risks and there is upside momentum for the price target but it is not yet sufficiently firm. clearly no big change here for the boj. furthermore, every economist says right now they are trying to avoid saying anything that could possibly boost the yen, no intent to do anything like that. i think a bit of a premature response, but if you are a currency trader, i guess you have to why or so first and examine what is being said later. yousef: where does that leave us with the press conference? that could possibly maybe generates a market moving news, or is that unlikely given the

boj is trying maybe to be boring when the market expects it to be exciting? kathleen: that is such a good point. yes, i think that is what they are trying to do. they want to be firm and confident. governor kuroda saying we are making progress, moving in the right direction, but they don't want anyone to think there is any move yet to remove stimulus. htrope he hasig to walk. he is going to question after question from reporters, and one will certainly be a cut in bond purchases a couple of weeks ago, doj watchers say it was purely technical, but some are still thinking, could it be the beginning of the boj living on the normalization path? theyare on it even if haven't raised their inflation target. rays tothat's why some that point. is it a logical thing for them to do now? the boj employment of governor

kuroda, he will be asked about that. governors come in to play, terms are up in mid-march. it's expected as a package, an announcement that governor kuroda will stay or go, the deputy governors probably in the month of february. one more thing to note, the newest and youngest board member, in his mid-30's, he dissented again. he wants more stimulus from the boj, but it is important, the question of the mix of appointments that the prime minister will be making. think people figure there will be a reflation is in the mix to accept this thinking, but the hope is that he will be helping governor kuroda and not making his job harder. yousef: thank you for that update, kathleen hays live out of tokyo. that's show you something i caught my attention this morning and some other traders, as well, in terms of how the rally has been not just for dollar-yen, but others.

dive into the bloomberg with me. the and has rallied -- the yen has rallied. i want to get some more perspective. nizam is still with us. what you saw from the boj so far and what you expect to hear from the presser, put it in context for us. nizam: kathleen covered it nicely, really. i'm the one hand, there was only a subtle change in inflation expectation in that the boj said inflation expectation is still low, but looking more stable. other than that, there has not been a change. the question of whether the press conference could lead to a , at least unless doctorate -- , for me ih position

think the question really is whether the boj is on a tightening or bias right now. the boj has been buying less gdb's, they announced that couple of years ago. the point is this data has been released daily, and on it daily basis, it has jumped radically from last year. at the buyinging of gdb's from last year, you are looking at a nice swing. 2017 was far lower than 2016. the point is, the gdb's purchasing is a trend that started a long time ago and the market is only now becoming desensitized to it. therefore, it is about time for governor kuroda to signal any hawkishness because the market is clearly desensitized to less

dovish views. yousef: i'm looking at a report, , thesay that despite signs boj is unlikely to achieve its price stability target. they are saying the operations for the boj are going to get more complicated in 2018. where does dollar-yen go from there? let's get some bold calls from you. nizam: i think, you know, there is no angle whatsoever to argue that you get to 2% inflation from japan anytime soon. last year, japan's growth in the first half of last year was even stronger than in u.s. -- than the u.s. and construction activity in japan is picking up because of the 2020 olympics. ours -- there is some activity going on. i would not say they are long-term or sustainable. i would say there is a risk of

inflation going lower from here, it is reduced. i don't think it's the right time for the boj two found significantly hawkish. also, the dollar has weakened, the yen has appreciated. yousef: the dollar has really we can. we will have to leave it there. thank you again for coming on the program. let's remind you as well briefly that you can stay tuned to bloomberg all week for a covered of the world economic forum in davos. the interviews today include the -- include ceos. tops $100netflix billion market cap as its shares soar in after-hours trading. stranger things have happened, literally. more on that next. this is bloomberg. ♪

>> netflix shattered all

expectations to the upside, and extended trading also sort, up the country.rd for they signed up 8.3 3 million subscribers in the fourth it far beats the most optimistic forecast i analysts -- by analysts by about 2 million. part of it is thanks to its fantasy series called "stranger things." say it hasalysts also inspired competitors. netflix now has 117.6 million customers, the biggest year for the company in terms of subscriber success. merging,r rivals are firing staff, fretting about the future, that netflix has continued to show staggering

growth, not just in the u.s. but in europe and latin america. 3.2 $9 billion, while earnings almost tripled from a year earlier. it's a success has inspired some competitors, facebook, apple and amazon, ferguson -- amazon, for instance. int disney has also invested online services to acquire competitors and match this powerhouse that netflix has become. -- veryickly, inc. him quickly, income has increased for the quarter. it was in line, there was a $39 million charge for unrelated or unused content that has to do with netflix firing the actor kevin spacey from "house of movie due tolanned a sexual misconduct scandal where there were some allegations that resulted in his parting ways with netflix. again, a very strong performance from netflix, a strong after

hours rise for the stock that is expected to translate into a strong tuesday when u.s. trading opens. in new york, su keenan, bloomberg news.

>> 90 minutes away from the market open in the emirates. clear skies. they have been on a losing streak for three days. earnings still expected from the big blue chips. let's get to headlines from around the world. >> china has expressed dissatisfaction at president trump after he targeted asia with new tariffs on solar cells and washing machines. dutyies of 30% will be slapped on foreign made solar equipment. the u.s. trade representative said the move highlights trump's desire to defend american

workers and businesses. meanwhile president trump has signed a government spending bill to end a three-day part yable ya'll shutdown. a fight over an immigration proposal unresolved for at least another three weeks. democrats accepted a deal from majority leader mitch mcconnell that will fund the government hrough february 8. the bank of japan has left policy unchanged, as expected by all observers we surveyed, the board vote 8-1 to maintain strategy saying inflation expectations are unchanged. c.p.i. remains around 1%. are adjusting their prices on price rises. the i.m.f. has raised its global growth forecast for this year

and next saying sweeping u.s. tax cuts are likely to boost investment. it now sees expansion of 3.9% in 2018 and 2019. but the fund is warning policy makers to be prepared for a new investigation. christine lagarde saying many threats remain. >> this comes from the crisis. the low productive fifment the aging pop laying. on and on and on. and future potential growth. all of that will continue to weigh on medium term prospects. >> protests erupted in the israeli parliament. the u.s. confirmed it will move the ebbity to jerusalem before the end of next year. several arab lawmakers were tossed out for heckling vice president mike pence. n brussels, abbas urged europe to recognize a palestinian state.

global news 24 hours a day powered by more than 27 on that journalists and analysts in more than 200 countries. let's cross over to singapore now. juliette? >> it is another day of record highs for the regional benchmark index. we had aversion of the government shutdown in the u.s. we are following through on that lead here in asia. the hong kong index on a lunch break. he -- we continue to see the financial players really push. the asx 200 has not had great week at powerful it is coming back. up boy is .7%. that is thanks to momentum you're seeing in the energy and mining stocks. sensex up at india, for a fifth consecutive session.

strong earnings coming through from india as well. japan's nikkei index up by 1.25% left its r the b.o.j. policy rate unchanged. aiting on kuroda etion speech. we have the yen unchanged. the aussie dollar come under pressure today. that is due to cross flows coming through. the aussie off by .4%. iron orein singapore is down 2.7. let's have a look at some of the snocks the region. there are quite a few corporate stories coming through today. in india, a big opportunity to grow in financial services without relying on acquisitions. this is india's largest

conglomerate. a share price up .25%. l.d., we have been watching all session. down .5%. and unchanged. that is as we saw the u.s. slapping these tariffs on importers' washing machines. there hasn't actually been too much reaction in part aside from l.g. electronics. having a look at the sectors, you can see every sector moving higher. defensive healthcare up 1.1%. energy still very much in focus .le%. we are on track. another session of record highs here in asia. yousef: breaking news hitting the bloomberg. u.s. president trump has taken to twitter to describe his first reaction to the break shhthrough that happened overnight.

let's read that out to you. big win for republicans as democrats cave on shutdown. now i want the big wins for everybody, including republicans, democrats and daca, but especially for our great military and border security. should be able to get there. see you at the negotiating table. that is the message from the u.s. president. u.s. equity futures still holding on, slightly higher. let's talk about what is going n with the i.m.f. the fund has significantly raised its expectations for a major heavyweight for this part of the world. it has significant implications. the rise in economic growth or the revision is significant. let me break down the number for you. the c.d.c. expanding 6% this ear up for a forecast of 0.5%. they think growth will cralt by

% in 2019. the latest revision upwards from the i.m.f. to what extent, you know, is that a realistic ais that you must changes will spending are going to reignite growth together with a higher oil price? >> to a large extent obviously, brent at $70 is a big game changer for saudi as you'd expect. widely expected. now the question is what is going to drive that growth. in 2018, no doubt about it, it is going to be government pending. 6% year-on-year. going to increase by 88%. however, we should not expect the revival in consumer spending. there is a lot of reform taking place in saudi. on will see that the leavee

expat -- other subsidies will cost saudi households roughly 55 billion. in 2018. you will see i think consumer spending subdued in 2019. i also don't see the private investment will take the lead short-term. yousef: we put up on the charts what is happening with saudi economic growth. the e.c.b. -- this is all the ay back to 2011. growth stories. as of 2017, you saw a bit of a contraction in the saudi economy. then we cross it with brent crude. a good chunk of economic activity comes from crude exports. i want to get into what you just said about private investment.

we have an antecorruption probe that looks like it is being wound down. quite a few have been worried this probe, even if they are trying to make it transparent is sending the wrong signals how they go about their business. you're saying they are doing the right thing trying to close this up and make things clearer. >> i think it is going to take time. the short-term from my perspective is negative. i'm not suggesting bad long-term. i think it is good long-term but short-term brings uncertainty. i don't think that the end of the probe means that the sentments in the business community will recover very quickly. why? because even those who are outside the -- are worried what is the next step. we don't know. we don't have clarity. it would be wave two, wave fleesm i think it is going to take time for the private investment to come back. 2018 is definitely a year where

the government has to spend money and play the countercyclical role in full swing. overtime, you can expect private investment to come back and consumers to follow through, but that won't happen in 2018 in my opinion. >> where does that leave us for positioning? weakening, goes to what you were saying about consumer sentment. how else do people make money at the moment on saudi, on saudi scocks? -- secondors are are you stocks. >> we are expecting 225 billion expenditures in 2018. growth, lending coming back. saudi banks are very well capitalized compared to their emerging market pierce, they are actually trading at attractive evaluations.

also there is a theme of more dividend distribution which is attractive to investors. i think it is a very good space to be in. combined with a big event, the body is following, ftse, msci. this is a big event. yousef: a major catalyst? >> absolutely. end of march, we'll hear about ftse inclusion. that is the potential 4 billion to 5 billion dollars of inflow. msci, another 8 billion of active flows. it could be as big as another 16 billion to 18 billion dollars. not market cut but the float. it is dramatic. it could be a big driver of equity returns. yousef: the likely catalyst. we still have quite a bit to

talk about. here is what's coming up as well. cheers to that. why bacaradi is -- the tequila. we'll see whether we'll have more from that next. this is bloomberg. ♪

yousef: this is bloomberg markets. let's get you up to date with the latest business headlines. the big story from netflix. mark is expectations for new signups in the third quarter. 8.3 million netflix commerce. about 2 million more than analysts expected. earnings tripled from the previous year. bacaradi is buying patron that eal kai ar for $5.1 billion. cardi rum under the same

anner as patron tequila. has played a large role in leading fit twitter's project vision shaping around live video streaming. let's go into a little bit more detail with news come out from egypt. the central bank governor revealed currency trading has risen 60% since the decision to float the pound. the continued growth comes as foreign holdings of bills have stabilized. what does that tell us about what foreign investors are doing with their capital when it comes to egypt. how bullish are you on any of the asset class coming out of the egyptian recovery story at the moment? >> you mentioned the flows into t bills.

they stabilized back to very high levels. i was in egypt last week. the mood is very positive. they seem to be much more comfortable. i think the initial phase of the i.m.f. program has been extremely successful in building positive sentment from foreign investors. we have to be careful of one thing. a lot of the money flowing to egypt is still hot money. going into t bills. the carrier trade, which is extremely successful. the currency is still undervalued, 10% potentially. the challenge is for egypt to bring long-term capital. this is what started to happen. i think it will take a bit of time, but it is definitely taking place. tourism is back as well. people are not focusing too much from that. but i think it is definitely back. you see it in the revenues. 900 million a month.

russians are still not back but all other tourists are back. yousef: 1762. the price to earnings ratio for emerging markets. past the 13 mark. you have the egyptian stock exchange in the middle. at the bottom, on a p.e. basis, the dubai index. what recommendation would you make on the basis of this chart? >> the dubai market you can argue it is probably the cheapest emerging market today. here are companies, like emirates, four, five times earnings. delivering 17%. 8 to .9 times. with a fantastic franchise. increasing. n.p.o.'s dropping over time.

this is not something you will find in any other emerging market. the reason for is two-fold. one of them is retail investor sentment is low. because we're seeing austerity across the country, more now than dubai in terms of government spending. we're coming from another oil shock on the downside. that is not helping the sentment. institutional investors are coming back to the market but i think retail will need time to recover. that's why you'll see close og that gap because it is definitely not justified. yousef: always a pleasure having you on the program. thanks for stopping by. let's again get you a preview of what is coming up next. larry summers is not certain about where treasury yields are headed. a must-see conversation. this is bloomberg. ♪

yousef: former treasury secretary larry summers is not certain where treasuries are heading. he was asked whether he sees -- yields continuing to rise. >> it is hard to say because if markets become more alarmed, treasuries are where they go. i don't -- i'm not as confident many, many observers that yields are going to rise sharply from here. i think there are two scenarios. there is a -- scenario where the economy continues to grow strongly and where markets stay calm and there is no geopolitical disturbance. i think in that scenario, you'll see the fed tighten more than is now priced in to the market and

i suspect you'll see some meaningful upwards move in long rates but there is also a scenario where some of these uncertainties come more into focus and i think if there were o materialize, you could see equity markets sell off and in that scenario, i think 10-year meaningfully move downwards from meerment >> what is the potential low for 10-year lows in that scenario? >> potential low? >> yes. >> look, i think if we have, i guess the way i would approach come to say recessions every so often. the odds on an annual basis with the economy moving into recession are somewhere in the range of 20%, perhaps slightly

lower and i would be very surprised if we saw a recession where 10-year yields didn't fall by over 100 basis points so i expect that sometime in the next half dozen years again see 10-year rates make a new low, probably below 1.5. >> finally -- >> but again, it could easily go the other way for some interval beforehand. >> finally, larry, come back to your piece if you will this morning. you you say the president is a reliable and unpredictable partner. you talked about the team around him and whether they could handle a downturn. the news out of axios is that wilber ross may be out. i don't know if that is frufmente you don't know if that

is true. are the people around him contributing to some of the apparent instability or uncertainty that is being communicated? >> yes. yes, i think in some ways they are. t something i've learned whether it is in business or whether it is in government or whether it's in universities, leaders tend to get the subordinates they deserve and the subordinates that they want. for think responsibility the con tures of economic policy and for any issues of credibility that may arise really rests with the president and i think he would find i

suspect his team better able to mplement his desires if he was more steady and predictable in those desires. as i wrote in the piece, dave. look, it is very, very easy to go on and on in a lot of different ways being critical of the president. but i think that the president was elected president because he tapped into some legitimate feelings that the united states needed to look inwards as well as altruistically out to support a great global system. that there were areas of economic diplomacy in which the united states needed to be more assertive than it had been at some point in the past and that

there were many americans living in the middle of the country who great forgoten to a extent and needed to be more a focus of concern. i think people are prepared to respond to that message and those concerns if they are led in a steady, predictable, reasonable way. that's the hope that i have for the president's second year. yousef: former treasury secretary larry summers speaking there. let's get you some of the key ideas that will be in the trading day. establishing a program of primary and secondary bonds and instruments. they could be offered in one or everal places.

the strength index is 76. possibly overbought then. bank of america, merrill lynch as joined book runners for a multitransaction. the stock up 3% in the last five rain trading sessions. possibly some more insight into what's happening with the cement industry. saudi pay on chemical company. also we have germany's figures. those are expected to trickle in. consumer o area confidence. that will set the stage for the financial ministers meeting in brussels. more data for china important for a lot of the energy traders as well. a reminder to stay tuned to

bloomberg for our coverage of the world economic forum in davos. this is bloomberg. ♪ we use our phones and computers the same way these days.

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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. shery: it's 1:00 p.m. here in hong kong. i am debra mao. the instant that at the bank of japan left policy unchanged. the vote was a to want to maintain strategy and raised outlook on price rises. fine-tuning of monetary policy could be on the cards. china and korea have announced u.s. trade tariffs on solar panels and washing machines. beijing accused washington of misusing trade measures while seoul imposed duties as a response. there was a mixed reaction in asian stocks. the u.s.